seanistaken
Registered User
- Messages
- 21
Would a bank be likely to accept a friend as a guarantor?
While failure to repay the loan is highly unlikely .
I have heard people recently complaining that the banks wanted them to pay off loans which they had guaranteed. I have been asked how can they avoid having to honour their guarantee.
This surprises me. A guarantee should not be taken lightly. You should ask yourself if you would be prepared to lend this person the money directly. If not, don't guarantee them.
If it's for a viable business or a serious medical operation, then it's worth the risk. If it's just to help them buy a flashy car or to get on the housing ladder, then you should decline.
Can anyone tell me if being a guarantor will affect my ability to get credit or a future mortgage? Will they could the 15k as a debt of mine when assessing my assets?
I have heard people recently complaining that the banks wanted them to pay off loans which they had guaranteed. I have been asked how can they avoid having to honour their guarantee.
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